Self  Managed Superannuation Funds

Initial Set Up - there are several trust laws and legislative requirements for setting up a self managed superannuation fund (SMSF). Typically you need to:

  • Obtain a trust deed
  • Appoint trustees
  • Sign a trustee declaration (NAT 71089)
  • Elect to become a regulated
  • Obtain a tax file number (TFN)
  • Obtain an Australian business number (ABN)

At Davies, Thompson & Wright we provide the assistance you need to set up your own fund and greatly simplify the process for you.

Ongoing Accounting - as a trustee of your SMSF, you need to:

  • Prepare accounts ensuring you value the fund's assets at market value
  • Appoint an approved SMSF auditor to audit your SMSF
  • Prepare and lodge your SMSF annual return each year by the due date, providing all the information required and paying the supervisory levy
  • Lodge an accurate Rollover benefits statement (NAT 70944) when rolling benefits into other funds
  • Keep comprehensive records
  • Notify the ATO of changes, for example, a change in trustee or members

At Davies, Thompson & Wright we continue to assist you with the ongoing recordkeeping for your fund

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